A little help can go a long way when it comes to buying your first home. Applying for a mortgage and saving up for a down payment can feel intimidating at best, impossible at worst. Fortunately, there are first time home buyer programs designed to make the process a little less stressful — you just need to know what they are and where to look.
With the help of Joseph Baylis, a top agent and first-time homebuyer extraordinaire based in Trenton, New Jersey, we’re giving you a rundown of the best first-time buyer programs that are available as of October 2021.
Now that we’ve covered the basics and disclaimers, let’s take a closer look at actual first-time homebuyer programs.
- FHA loans
- USDA rural housing loans
- VA loans
- HUD homes
- Good Neighbor Next Door
- Section 184 Indian Home Loan Guarantee
- VA Native American Direct Loan
- FHA Section 203(k)
- Fannie Mae HomePath and HomeReady
- Freddie Mac HomeOne
- Freddie Mac Home Possible
- Down payment assistance grants
- Down payment assistance loans
- Homeownership vouchers
- State housing agencies
- Local housing authorities
- Conventional loans
Lots of options, lots of opportunity
While the seemingly endless array of first-time homebuyer programs may feel daunting, take heart — the more options that are available, the more opportunities you’ll have to leverage your way into your homeownership.
If we’ve said it once in this article, we’ve said it a dozen times: An experienced mortgage lender is going to be your best ally through this process. If you don’t yet have a trusted lender, talk to your real estate agent, or simply ask around.
A friend or colleague who recently purchased a home may be able to refer you to someone great, and your current bank or credit union can do the same. Most financial institutions will have an in-house lending advisor or a list of reputable referrals.
Good luck on your homebuying journey!